Friday, Feb 04, 2005
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Our Special Correspondent
KOLKATA, FEB. 3. Eveready Industries India Ltd. (EIIL) is now working on a plan to unlock the value of its real estate assets and strike deals similar to the one concluded recently with the Chennai-based Khivraj Group, the company Executive Vice-Chairman and Managing Director, Deepak Khaitan, said. Elaborating on this, he told The Hindu that the company had 12 units located in Chennai, New Mumbai, Noida (in Uttar Pradesh near Delhi), Lucknow, Moula Ali in Hyderabad, besides Kolkata. "All these prime location spots have potential to unlock value for the company,'' he remarked saying that at least one such deal involving relocation of the plant was likely to be concluded in 2005-06, possibly within the next six to nine months.'' He, however, declined to divulge any further details, besides saying that the joint venture model adopted in the deal with the Khivraj Group would be followed. In this case EIIL shifted its Guindy plant to its Tiruvottiyur facility also in Chennai. Ajit Chordia, director, Khivraj Tech Park Pvt Ltd., said the project at Guindy would be developed in three phases within 2006 at a cost of Rs. 220 crores. While the promoters would pump in Rs. 40 crores as equity, another Rs. 73 crores would flow in from Indian Overseas Bank, Andhra Bank and South Indian Bank. There would be internal resource mobilisation too by the Group, which has exposure in automobile retail, property development and renewable energy generation. City-based Space Group and MK Group involved in real estates were also consortium partners and equity holders in the project. The project would come up on 8.4 acres with one million sq. ft. of commercial space. Mr. Khaitan said that as infrastructure was not EIIL's area, it would exit the project after capitalising it.
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